Goodfield, Illinois Property Taxes
The median property tax rate in Goodfield, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Goodfield at $326,280, the typical annual property tax bill reaches $7,483, exceeding the national median of $2,690. Property taxes in Goodfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Goodfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Goodfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Goodfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$7,733
$7,176
Ownwell’s Goodfield Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Goodfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodfield to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in viewing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Goodfield, Illinois
Property taxes in Goodfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodfield is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Goodfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Goodfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61742 has the highest median property tax rate of 2.37%, while the same zip code also has the lowest median tax rate of 2.37%. Understanding how these cities compare with Goodfield provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodfield Tax Rate
2.37%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | 2.24% | 2.29% | 2.37% | 2.40% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Goodfield, Illinois
In Goodfield, Illinois, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Tazewell County Appraisal District for tax purposes. Conversely, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Goodfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Goodfield is $326,280, with tax bills varying significantly. For instance, the 25th percentile tax bill stands at $6,349, while the 75th percentile reaches $8,769, and the 90th percentile hits $10,052. Notably, the zip code 61742 has both the highest and lowest median tax bill at $7,483. Understanding these valuation concepts helps property owners better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Goodfield Assessed Value
$326,280
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | $238,500 | $284,160 | $326,280 | $363,960 | $419,556 |
Source: Ownwell
Property Tax Bills Across Goodfield, Illinois
In Goodfield, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For example, homeowners in Goodfield face a range of tax bills. The 25th percentile tax bill is around $6,349, while the 75th percentile is approximately $8,769. The 90th percentile sees tax bills reaching up to $10,052. These figures indicate that property taxes in Goodfield can significantly impact homeowners' budgets, especially when compared to the national median property tax rate of 0.99%. In Tazewell County, the median tax bill is consistently around $7,483, reflecting the uniformity in property tax assessments within the region. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their financial planning accordingly.
Average Goodfield Tax Bill
$7,483
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61742 | $5,406 | $6,349 | $7,483 | $8,769 | $10,052 |
Source: Ownwell